Glossary · Compliance + audit
Model Risk Management (MRM)
Discipline originating in financial-services regulation (US Federal Reserve SR 11-7, 2011) covering model development + validation + ongoing monitoring + governance. Increasingly applied to AI/ML models in regulated sectors. EU AI Act + ISO 42001 align with MRM patterns at the principle level.
Framework references
- US Fed SR 11-7
- OCC 2011-12
- PRA SS1/23 (UK FCA)